Negotiator's Mindset Flashcards
Who do you act on behalf of to agree on a selling price during a negotiation?
Your client.
When is a negotiation successful?
When both parties agree on a price that they believe is fair.
6 steps to a successful negotiaton?
1.) Prepare
2.) Be clear on your strategy
3.) Know your goal
4.) Time your speaking & listening
5.) Know the reservation point
6.) Have no emotional attachment
What are the personality traits of the best negotiators?
- Warm personality
- People focussed
- Know how to understand the other party & reservation point
Reservation point?
The minimum price you will accept as a seller and the maximum you pay as a buyer.
Which 2 things must an estate agent constantly be expanding?
1.) Their network of people
2.) The number of houses for sale
When meeting the buyer, what should you show genuine interest in?
Their life.
Which kind of questions should you be asking the buyer?
Open ended questions.
When should you introduce yourself to the buyer with a name and a handshake?
After you’ve broken the ice.
Which topics should you avoid when speaking with a potential buyer?
Sensitive topics like politics
What should you leave with the buyer you’re negotiating with?
A business card.
Which 5 things do you need to know to help both parties agree on a middle ground?
1.) Why they want to buy/sell
2.) How ready they are to complete the deal
3.) The prices similar properties have sold for
4.) Their ideal price and flexibility
5.) Their financial situation
Which 3 things may you negotiate on?
1.) Price
2.) Date of transaction
3.) Warranties on aspects of the property e.g. appliances
Warranties?
A written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.
